Sony
Computer Entertainment, Inc. (SCEI) has been thus far relatively successful at preventing pesky
hackers from gaining full access to its PS3, opening the door to piracy,
homebrews, and heavy modding. Those happy days for SCEI may soon be at an
end, though.

A team of German hackers called fail0verflow (Twitter, the group is currently building a webpage) developed a hack to calculate the
super-secret security keys that the PS3 uses to determine if an application is
legitimate or not. The "epic PS3 security bypass" opens the
door to just about everything ambitious console hackers ever dreamed of,
software-wise.

As the hack makes
use [video] of a smartphone, like an iPhone or Android phone,
iPhone expert hacker Geohot (real name George Hotz) became involved and has
officially released a polished version of the exploit.